Wheels India’s cast aluminium facility to go on stream in September
The cast aluminium facility of Wheels India is set to go on stream in September 2020. The INR 120 crore cast aluminium plant will cater to the export demand. Wheels India expects strong demand from the windmill and railways segments.
The new unit will have an annual production capacity of 7.50 lakh wheels.
“We have not held up the capital expenditure plans as we see robust demand in the cast aluminium business. There is export demand and we will be able to serve this demand from this new plant", Company Managing Director Srivats Ram told reporters via video conferencing.
"Despite the (COVID-19 enforced) lockdown for two months, if we maintain last year's levels in the windmill and tractor segment, I believe that is a positive development", he said.
"Existing customers may look at realigning their procurement to de-risk their business. And this could throw up opportunities for Indian companies", he added.
The company’s net profits standalone net profits for the year ending March 31, 2020 stood at INR 54.1 crore, from INR 75.7 crore in the same period last year. Revenues came in at INR 2,438.7 crore as against INR 3,188.8 crore last year.
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